Is It Possible for It to Surpass the $65K Mark?

Bitcoin Price Momentum Escalates

The Bitcoin value has surpassed the 10% mark and shattered the $64,000 resistance barrier. BTC demonstrates a robust performance possibly aiming to breach the $65,000 threshold.

• Bitcoin is surging with substantial bullish momentum beyond the $63,500 resistance area.
• Current trading levels are above $63,500 alongside the 100 hourly Simple Moving Average.
• A pronounced bullish trend line is evident with a support parameter near $62,200 on the hourly BTC/USD chart (sourced from Kraken).
• The pairing might maintain it’s uptick should it surpass the $65,000 resistance barrier.

10% Surge in Bitcoin’s Value

The Bitcoin valuation undertook a significant leap surpassing resistance notches at $61,500 and $62,000. After breaching $63,500, BTC continued to progress within a bullish domain, approaching the nearby $65,000 mark.

A peak formed around $64,900 with Bitcoin subsequently consolidating its earnings. The cryptocurrency is faring well above the 23.6% Fibonacci retracement level derived from the recent upsurge beginning at the $62,320 low to the $64,900 zenith. Moreover, a defining bullish trend line with a support base near $62,200 is still visible on the BTC/USD hourly chart.

The Bitcoin price is floating above the $64,000 figure and remains well-positioned above the 100 hourly Simple Moving Average. An impending price jump could encounter resistance approaching the $64,800 level. The proximal substantial resistance is spotted around the $65,000 benchmark.

Surmounting the $65,000 resistance may trigger a considerable rally in subsequent sessions. Following resistance clusters might be situated at $66,200 and further at the substantial $66,500 mark. A conclusive breakthrough above $66,500 resistance can potentially initiate a pronounced rally potentially steering prices towards the $67,000 resistance level.

Are BTC Dips Constrained?

Should Bitcoin face headwinds in breaching the $65,000 resistance zone, a corrective retracement could ensue. The immediate support is identified close to the $64,250 range.

The primary line of support comes in at $63,650 and the 50% Fibonacci retracement level of the advance from the $62,320 low to the $64,900 peak. Subsequent backing is now placing near the $62,500 mark. Additional dips might direct the price towards the support zone at $61,500 over a short horizon.

Technical Indicators:

Hourly MACD – The MACD is currently gaining traction in the bullish sector.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is presently positioned above the 50 mark.

Major Support Levels – $64,250, succeeded by $63,650.

Major Resistance Levels – $65,000, followed by $66,200.